South Korea has a GDP of $1.88T compared to $3.69T for the United Kingdom, ranking 12/197 and 6/197 by economy size, respectively.
South Korea has $984B in government debt (55.7% of GDP), compared to $3.73T (105.4% of GDP) in the United Kingdom.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
South Korea
|
United Kingdom
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $3,973,069,307 | $25,956,065,666 | $73,233,967,692 | $802,958,140,600 |
| 1961 | $2,427,244,761 | $27,752,325,951 | $77,741,965,703 | $824,648,562,816 |
| 1962 | $2,826,923,077 | $28,840,704,942 | $81,247,564,157 | $833,708,945,748 |
| 1963 | $4,007,692,308 | $31,439,197,235 | $86,561,961,812 | $874,223,408,560 |
| 1964 | $3,476,789,682 | $34,402,880,327 | $94,407,558,351 | $923,134,556,203 |
| 1965 | $3,141,131,708 | $36,918,983,033 | $101,824,755,079 | $942,800,397,245 |
| 1966 | $3,957,064,541 | $41,352,211,966 | $108,572,752,102 | $957,578,319,011 |
| 1967 | $4,895,076,718 | $45,136,528,802 | $113,116,888,211 | $984,158,181,579 |
| 1968 | $6,167,109,472 | $51,104,880,669 | $107,759,910,068 | $1,038,018,137,932 |
| 1969 | $7,743,940,189 | $58,561,431,045 | $116,464,702,803 | $1,058,146,739,489 |
| 1970 | $9,085,001,794 | $64,515,396,101 | $130,671,946,244 | $1,086,807,506,707 |
| 1971 | $10,005,257,131 | $71,387,189,520 | $148,113,896,325 | $1,108,592,971,833 |
| 1972 | $10,990,490,570 | $76,624,741,568 | $169,965,034,965 | $1,148,794,666,509 |
| 1973 | $14,067,523,813 | $88,099,059,884 | $192,537,971,583 | $1,232,812,042,937 |
| 1974 | $19,860,929,977 | $96,599,657,797 | $206,131,369,799 | $1,212,104,524,614 |
| 1975 | $22,126,033,058 | $104,261,471,164 | $241,756,637,168 | $1,203,900,150,367 |
| 1976 | $30,371,074,380 | $118,089,873,273 | $232,614,555,256 | $1,237,665,408,113 |
| 1977 | $39,064,462,810 | $132,706,204,223 | $263,066,457,352 | $1,266,915,785,221 |
| 1978 | $52,824,793,388 | $147,396,058,470 | $335,883,029,722 | $1,310,033,665,485 |
| 1979 | $68,083,884,298 | $160,273,927,313 | $438,994,070,309 | $1,346,017,305,981 |
| 1980 | $66,547,970,351 | $157,830,929,681 | $564,947,710,899 | $1,316,686,213,226 |
| 1981 | $74,287,368,087 | $169,516,449,730 | $540,765,675,241 | $1,299,260,421,919 |
| 1982 | $79,921,300,447 | $183,871,559,685 | $515,048,916,841 | $1,326,454,837,277 |
| 1983 | $89,621,208,322 | $208,633,185,451 | $489,618,008,186 | $1,374,530,155,675 |
| 1984 | $99,749,645,089 | $230,824,674,325 | $461,487,097,632 | $1,411,242,824,002 |
| 1985 | $103,764,281,281 | $249,149,373,131 | $489,285,164,271 | $1,462,038,836,257 |
| 1986 | $119,965,960,795 | $277,808,988,270 | $601,452,653,181 | $1,520,700,657,210 |
| 1987 | $152,240,393,646 | $313,624,703,636 | $745,162,608,269 | $1,590,076,250,309 |
| 1988 | $205,477,530,605 | $351,677,400,844 | $910,122,732,124 | $1,670,090,505,986 |
| 1989 | $254,236,243,100 | $376,875,147,733 | $926,884,816,754 | $1,708,192,731,044 |
| 1990 | $292,064,221,389 | $414,656,502,991 | $1,093,169,389,205 | $1,721,504,098,260 |
| 1991 | $340,851,946,804 | $459,750,289,581 | $1,142,797,178,131 | $1,699,254,695,039 |
| 1992 | $366,921,291,825 | $488,951,752,176 | $1,179,659,529,660 | $1,721,255,429,796 |
| 1993 | $405,705,302,846 | $523,152,547,993 | $1,061,388,722,256 | $1,781,335,634,495 |
| 1994 | $479,181,794,217 | $572,181,545,648 | $1,140,489,745,944 | $1,869,572,508,479 |
| 1995 | $586,286,469,401 | $627,888,532,992 | $1,349,094,208,616 | $1,935,631,814,547 |
| 1996 | $631,196,863,758 | $678,059,525,602 | $1,425,287,051,482 | $1,986,246,961,912 |
| 1997 | $589,202,526,424 | $720,656,531,307 | $1,569,317,288,802 | $2,083,175,521,751 |
| 1998 | $397,297,216,492 | $685,063,811,514 | $1,660,821,464,061 | $2,150,801,957,624 |
| 1999 | $515,697,079,289 | $764,649,475,914 | $1,693,458,987,219 | $2,214,131,432,954 |
| 2000 | $597,487,173,479 | $835,011,437,852 | $1,671,597,821,153 | $2,314,307,169,244 |
| 2001 | $567,564,806,235 | $874,473,540,684 | $1,656,171,009,069 | $2,369,642,769,659 |
| 2002 | $650,014,391,470 | $942,192,762,521 | $1,790,536,570,743 | $2,410,140,612,988 |
| 2003 | $728,516,494,684 | $971,162,614,186 | $2,061,227,755,102 | $2,487,711,377,293 |
| 2004 | $823,251,107,639 | $1,021,504,157,423 | $2,429,774,807,763 | $2,545,576,004,983 |
| 2005 | $971,740,329,984 | $1,066,023,726,231 | $2,551,361,818,182 | $2,616,614,241,853 |
| 2006 | $1,095,175,538,508 | $1,121,936,729,365 | $2,719,558,417,663 | $2,673,913,418,492 |
| 2007 | $1,220,911,904,593 | $1,187,479,862,375 | $3,104,699,879,952 | $2,752,283,449,985 |
| 2008 | $1,091,580,692,542 | $1,223,156,560,996 | $2,945,251,838,235 | $2,750,923,500,693 |
| 2009 | $983,065,242,417 | $1,233,184,753,861 | $2,429,358,155,476 | $2,624,727,410,660 |
| 2010 | $1,192,830,015,738 | $1,319,281,537,670 | $2,496,740,681,057 | $2,684,060,544,651 |
| 2011 | $1,307,103,477,219 | $1,367,937,063,745 | $2,675,590,034,129 | $2,706,913,649,066 |
| 2012 | $1,335,343,586,438 | $1,402,787,524,458 | $2,719,715,961,540 | $2,748,282,336,998 |
| 2013 | $1,434,669,686,502 | $1,448,958,816,286 | $2,796,908,333,283 | $2,795,510,733,841 |
| 2014 | $1,556,252,422,020 | $1,495,538,208,413 | $3,085,362,169,410 | $2,883,853,723,652 |
| 2015 | $1,539,212,301,136 | $1,539,212,301,136 | $2,945,579,890,258 | $2,945,579,890,258 |
| 2016 | $1,579,150,518,945 | $1,588,028,842,393 | $2,706,807,606,539 | $3,010,574,705,731 |
| 2017 | $1,710,196,756,713 | $1,642,548,917,820 | $2,699,118,387,873 | $3,101,591,068,534 |
| 2018 | $1,824,251,454,307 | $1,694,718,171,579 | $2,897,028,009,916 | $3,149,707,010,748 |
| 2019 | $1,751,045,752,055 | $1,733,930,596,323 | $2,875,710,080,015 | $3,189,276,748,351 |
| 2020 | $1,744,070,276,373 | $1,721,788,880,531 | $2,724,001,478,305 | $2,868,821,517,197 |
| 2021 | $1,942,313,560,966 | $1,801,214,449,835 | $3,194,559,188,926 | $3,113,908,148,054 |
| 2022 | $1,799,363,116,867 | $1,850,343,736,946 | $3,181,244,350,465 | $3,274,265,196,937 |
| 2023 | $1,844,800,934,392 | $1,879,634,949,822 | $3,420,796,653,789 | $3,283,159,739,928 |
| 2024 | $1,875,388,209,407 | $1,917,295,522,782 | $3,686,033,044,482 | $3,320,141,995,548 |
Economic indicators
|
South Korea
|
United Kingdom
|
|
|---|---|---|
| Gross domestic product |
$1.88T
2024 |
$3.69T
2024 |
| GDP rank |
12/197
2024 |
6/197
2024 |
| GDP growth |
1.66%
2023-2024 |
7.75%
2023-2024 |
| GDP per capita |
$36,239
2024 |
$53,246
2024 |
| GDP per capita rank |
31/197
2024 |
22/197
2024 |
| GDP per capita, PPP |
$58,895
2024 |
$60,620
2024 |
| Government debt |
$984B
2024 |
$3.73T
2024 |
| Debt-to-GDP ratio |
55.7%
2026 |
105.4%
2026 |
| Government debt per person |
$19,021
2024 |
$53,900
2024 |
| Government debt per person rank |
32/185
2024 |
7/185
2024 |
| Average annual personal income after taxes |
$23,981
2026 |
$40,805
2026 |
| Market capitalization of domestic companies |
$1.56T
2024 |
$3.1T
2022 |
| Number of millionaires |
1,295,674
2024 |
3,061,553
2024 |
| Number of billionaires |
30
2025 |
55
2025 |
| Income share by richest 10% |
24.6%
2021 |
24.6%
2021 |
| Income share by poorest 10% |
2.9%
2021 |
3%
2021 |
| Government expenditure, % of GDP |
23.4%
2026 |
44%
2026 |
| Consumer prices inflation |
2.32%
2023-2024 |
3.27%
2023-2024 |
| Central bank interest rate |
2.5%
2025 |
4%
2025 |
| Unemployment rate |
2.78%
2024 |
4.36%
2024 |
| Population |
51633793
|
70024311
|
GDP per capita in South Korea vs United Kingdom
South Korea's GDP per capita is $36,239, ranking 31/197, compared to $53,246 in the United Kingdom, ranking 22/197. Adjusted for purchasing power (GDP per capita PPP), South Korea ranks 33rd at $58,895, while the United Kingdom ranks 32nd at $60,620.
| Year | Current $ | |||
|---|---|---|---|---|
|
South Korea
|
United Kingdom
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $158.8 | - | $1,398 | - |
| 1961 | $94.2 | - | $1,472 | - |
| 1962 | $106.6 | - | $1,526 | - |
| 1963 | $147 | - | $1,613 | - |
| 1964 | $124.2 | - | $1,748 | - |
| 1965 | $109.4 | - | $1,874 | - |
| 1966 | $134.4 | - | $1,987 | - |
| 1967 | $162.5 | - | $2,059 | - |
| 1968 | $200 | - | $1,952 | - |
| 1969 | $245.5 | - | $2,101 | - |
| 1970 | $281.8 | - | $2,348 | - |
| 1971 | $304 | - | $2,650 | - |
| 1972 | $328 | - | $3,030 | - |
| 1973 | $412 | - | $3,426 | - |
| 1974 | $572 | - | $3,666 | - |
| 1975 | $627 | - | $4,300 | - |
| 1976 | $847 | - | $4,138 | - |
| 1977 | $1,073 | - | $4,681 | - |
| 1978 | $1,429 | - | $5,977 | - |
| 1979 | $1,814 | - | $7,805 | - |
| 1980 | $1,746 | - | $10,032 | - |
| 1981 | $1,918 | - | $9,599 | - |
| 1982 | $2,032 | - | $9,146 | - |
| 1983 | $2,246 | - | $8,692 | - |
| 1984 | $2,469 | - | $8,179 | - |
| 1985 | $2,543 | - | $8,652 | - |
| 1986 | $2,911 | - | $10,611 | - |
| 1987 | $3,658 | - | $13,119 | - |
| 1988 | $4,889 | - | $15,987 | - |
| 1989 | $5,989 | - | $16,239 | - |
| 1990 | $6,813 | $8,612 | $19,095 | $17,054 |
| 1991 | $7,873 | $9,767 | $19,901 | $17,383 |
| 1992 | $8,387 | $10,511 | $20,487 | $17,802 |
| 1993 | $9,180 | $11,397 | $18,389 | $18,633 |
| 1994 | $10,734 | $12,596 | $19,709 | $19,713 |
| 1995 | $13,002 | $13,972 | $23,253 | $20,581 |
| 1996 | $13,865 | $15,201 | $24,503 | $21,938 |
| 1997 | $12,822 | $16,258 | $26,910 | $23,065 |
| 1998 | $8,583 | $15,520 | $28,396 | $23,688 |
| 1999 | $11,063 | $17,421 | $28,858 | $24,494 |
| 2000 | $12,710 | $19,224 | $28,384 | $26,530 |
| 2001 | $11,981 | $20,441 | $28,014 | $27,916 |
| 2002 | $13,643 | $22,173 | $30,159 | $29,089 |
| 2003 | $15,212 | $22,907 | $34,557 | $30,318 |
| 2004 | $17,122 | $24,675 | $40,504 | $32,055 |
| 2005 | $20,167 | $26,179 | $42,240 | $32,726 |
| 2006 | $22,610 | $27,955 | $44,695 | $34,735 |
| 2007 | $25,078 | $30,262 | $50,629 | $35,523 |
| 2008 | $22,252 | $31,211 | $47,652 | $36,745 |
| 2009 | $19,937 | $30,731 | $39,009 | $35,023 |
| 2010 | $24,071 | $33,101 | $39,778 | $36,488 |
| 2011 | $26,175 | $33,944 | $42,296 | $37,224 |
| 2012 | $26,601 | $35,062 | $42,688 | $38,337 |
| 2013 | $28,449 | $35,844 | $43,607 | $39,948 |
| 2014 | $30,667 | $37,032 | $47,746 | $41,267 |
| 2015 | $30,172 | $39,800 | $45,255 | $42,527 |
| 2016 | $30,832 | $41,673 | $41,258 | $44,085 |
| 2017 | $33,297 | $43,156 | $40,917 | $46,113 |
| 2018 | $35,364 | $45,511 | $43,703 | $47,212 |
| 2019 | $33,827 | $46,511 | $43,159 | $50,065 |
| 2020 | $33,646 | $47,881 | $40,813 | $48,230 |
| 2021 | $37,518 | $51,718 | $47,691 | $51,004 |
| 2022 | $34,822 | $55,071 | $47,057 | $58,544 |
| 2023 | $35,674 | $56,227 | $49,944 | $57,915 |
| 2024 | $36,239 | $58,895 | $53,246 | $60,620 |
Spending and national debt comparison
In 2024, South Korea's government spending was $428B, accounting for 23.4% of its GDP, while the United Kingdom's spent $1.62T, or 44% of GDP.
Debt-to-GDP ratio is 55.7% in South Korea and 105.4% in the United Kingdom, ranking 93/185 and 18/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
South Korea
|
United Kingdom
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | 17.9% | 13.7% | 33.1% | 117.9% |
| 1961 | 21.2% | 13.4% | 31.5% | 113.8% |
| 1962 | 22.3% | 13% | 33.8% | 110.5% |
| 1963 | 15.4% | 9.21% | 37.4% | 108.6% |
| 1964 | 12.1% | 6.57% | 32.8% | 101.1% |
| 1965 | 13.1% | 6.14% | 34.6% | 94.6% |
| 1966 | 16% | 4.44% | 35.7% | 91.9% |
| 1967 | 16.7% | 3.74% | 40.1% | 89.1% |
| 1968 | 18.5% | 2.76% | 40.3% | 88.5% |
| 1969 | 19.8% | 2.63% | 39.2% | 82.8% |
| 1970 | 17.5% | 6.95% | 42% | 73.4% |
| 1971 | 18.5% | 14.2% | 41.2% | 67.9% |
| 1972 | 18.5% | 17.9% | 42.3% | 65% |
| 1973 | 14.2% | 17.5% | 43.5% | 58.5% |
| 1974 | 16.1% | 18.3% | 47.8% | 56.2% |
| 1975 | 18.8% | 21.1% | 49.1% | 49.6% |
| 1976 | 17% | 20% | 49.2% | 47.7% |
| 1977 | 17.7% | 19.7% | 46.8% | 53.7% |
| 1978 | 15.7% | 18% | 46.2% | 47.3% |
| 1979 | 16.3% | 15.5% | 45.1% | 44.5% |
| 1980 | 16.8% | 18.2% | 47.6% | 43.7% |
| 1981 | 16.3% | 18.5% | 51.2% | 41.1% |
| 1982 | 17.8% | 20.2% | 50.8% | 44.7% |
| 1983 | 16% | 19% | 50.4% | 44.2% |
| 1984 | 15.6% | 16.7% | 50.3% | 44.1% |
| 1985 | 15.5% | 16.1% | 48.7% | 42.9% |
| 1986 | 14.9% | 14.4% | 44.6% | 42.9% |
| 1987 | 14.3% | 15.2% | 42.7% | 41.8% |
| 1988 | 13.9% | 12.6% | 40.3% | 36.6% |
| 1989 | 15% | 12.3% | 39.7% | 31.4% |
| 1990 | 15.2% | 12.8% | 35% | 28.5% |
| 1991 | 15.4% | 11.9% | 35.9% | 28.5% |
| 1992 | 15.5% | 11.6% | 37.8% | 33.2% |
| 1993 | 15.1% | 10.9% | 37.8% | 38% |
| 1994 | 15.4% | 9.63% | 37.5% | 40.7% |
| 1995 | 13.5% | 8.48% | 37.6% | 43.7% |
| 1996 | 14% | 7.81% | 35.7% | 43.7% |
| 1997 | 13.9% | 9.69% | 34.9% | 44.1% |
| 1998 | 16% | 13.8% | 34.5% | 42% |
| 1999 | 16.1% | 15.8% | 33.9% | 40.4% |
| 2000 | 16% | 16.1% | 33.9% | 37.7% |
| 2001 | 16.9% | 16.6% | 34.7% | 35% |
| 2002 | 15.9% | 16.4% | 35.9% | 35.4% |
| 2003 | 17.9% | 19.1% | 37.2% | 36.8% |
| 2004 | 18.5% | 21.6% | 38% | 39.8% |
| 2005 | 18.2% | 24.9% | 38.4% | 41% |
| 2006 | 18.7% | 27% | 38.4% | 42.1% |
| 2007 | 18.8% | 26.3% | 38.7% | 43.2% |
| 2008 | 19.1% | 25.9% | 41% | 50.8% |
| 2009 | 19.5% | 28.8% | 44.6% | 64.9% |
| 2010 | 17.9% | 28.3% | 44.7% | 75.9% |
| 2011 | 18.3% | 31.7% | 43.5% | 81.4% |
| 2012 | 18.8% | 33.5% | 43.6% | 84.5% |
| 2013 | 19% | 36% | 41.8% | 85.3% |
| 2014 | 18.8% | 37.9% | 41.2% | 87.1% |
| 2015 | 18.8% | 38.8% | 40.4% | 87.9% |
| 2016 | 18.5% | 39.1% | 39.6% | 87.8% |
| 2017 | 18.6% | 38% | 39.2% | 86.7% |
| 2018 | 19.3% | 37.9% | 38.9% | 86.3% |
| 2019 | 21.3% | 39.7% | 38.8% | 85.7% |
| 2020 | 23.7% | 45.9% | 50% | 105.8% |
| 2021 | 24.1% | 48% | 45.8% | 105.1% |
| 2022 | 26.7% | 49.8% | 44.1% | 99.6% |
| 2023 | 23.2% | 50.7% | 44.8% | 100.4% |
| 2024 | 22.8% | 52.5% | 44% | 101.2% |
| 2025 | 23.3% | 54.5% | 43.9% | 103.9% |
| 2026 | 23.4% | 55.7% | 44% | 105.4% |
Government deficit by year
In 2024, South Korea's government deficit, the difference between spending and revenue, was -$11.9B, equivalent to -0.63% of GDP. This compares to the United Kingdom's deficit of -$212B, or -5.75% of GDP.
Over the past 65 years, South Korea recorded a fiscal deficit in 25 of those years, while the United Kingdom ran a deficit in 56 years. On average, South Korea posted an annual deficit equal to -0.08% of GDP, compared to deficit of -3.73% of GDP for the United Kingdom.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
South Korea
|
United Kingdom
|
|
| 1830 | - | 0.45% |
| 1831 | - | 0% |
| 1832 | - | 0% |
| 1833 | - | 0.24% |
| 1834 | - | 0.23% |
| 1835 | - | 0.42% |
| 1836 | - | 0.59% |
| 1837 | - | -0.21% |
| 1838 | - | -0.19% |
| 1839 | - | -0.18% |
| 1840 | - | -0.2% |
| 1841 | - | -0.42% |
| 1842 | - | -0.87% |
| 1843 | - | 0.44% |
| 1844 | - | 0.59% |
| 1845 | - | 0.56% |
| 1846 | - | 0.52% |
| 1847 | - | -6.13% |
| 1848 | - | -0.17% |
| 1849 | - | 0.34% |
| 1850 | - | 0.37% |
| 1851 | - | 0.35% |
| 1852 | - | 0.35% |
| 1853 | - | 0.5% |
| 1854 | - | -3.39% |
| 1855 | - | -3.57% |
| 1856 | - | -0.6% |
| 1857 | - | -0.15% |
| 1858 | - | -0.15% |
| 1859 | - | 0% |
| 1860 | - | -0.43% |
| 1861 | - | -0.4% |
| 1862 | - | -0.13% |
| 1863 | - | 0% |
| 1864 | - | 0.24% |
| 1865 | - | 0% |
| 1866 | - | 0.11% |
| 1867 | - | -0.45% |
| 1868 | - | -0.45% |
| 1869 | - | 0.77% |
| 1870 | - | 0% |
| 1871 | - | 0.29% |
| 1872 | - | 0.55% |
| 1873 | - | 0% |
| 1874 | - | 0.09% |
| 1875 | - | 0% |
| 1876 | - | 0.09% |
| 1877 | - | -0.18% |
| 1878 | - | -0.18% |
| 1879 | - | -0.86% |
| 1880 | - | 0.1% |
| 1881 | - | 0.06% |
| 1882 | - | 0.02% |
| 1883 | - | 0.06% |
| 1884 | - | -0.04% |
| 1885 | - | -0.21% |
| 1886 | - | 0.07% |
| 1887 | - | 0.25% |
| 1888 | - | 0.27% |
| 1889 | - | 0.3% |
| 1890 | - | 0.23% |
| 1891 | - | 0.19% |
| 1892 | - | 0.14% |
| 1893 | - | -0.007% |
| 1894 | - | 0.06% |
| 1895 | - | 0.3% |
| 1896 | - | 0.17% |
| 1897 | - | 0.25% |
| 1898 | - | 0.01% |
| 1899 | - | -0.79% |
| 1900 | - | -2.96% |
| 1901 | - | -2.74% |
| 1902 | - | -1.77% |
| 1903 | - | -0.22% |
| 1904 | - | 0.2% |
| 1905 | - | 0.36% |
| 1906 | - | 0.58% |
| 1907 | - | 0.66% |
| 1908 | - | 0.34% |
| 1909 | - | -1.25% |
| 1910 | - | 1.75% |
| 1911 | - | 0.51% |
| 1912 | - | 0.22% |
| 1913 | - | 0.25% |
| 1914 | - | -14.6% |
| 1915 | - | -30% |
| 1916 | - | -50.6% |
| 1917 | - | -48.8% |
| 1918 | - | -34.4% |
| 1919 | - | -6.28% |
| 1920 | - | 4.2% |
| 1921 | - | 1.15% |
| 1922 | - | 2.45% |
| 1923 | - | 2.23% |
| 1924 | - | 1.19% |
| 1925 | - | 0.84% |
| 1926 | - | 0.6% |
| 1927 | - | 1.62% |
| 1928 | - | 1.75% |
| 1929 | - | 0.75% |
| 1930 | - | 1.01% |
| 1931 | - | 0.8% |
| 1932 | - | -0.15% |
| 1933 | - | 0.99% |
| 1934 | - | 0.48% |
| 1935 | - | 0.37% |
| 1936 | - | 0.17% |
| 1937 | - | 0.82% |
| 1938 | - | 0% |
| 1939 | - | -2.99% |
| 1940 | - | -12.1% |
| 1941 | - | -32% |
| 1942 | - | -31.6% |
| 1943 | - | -33.3% |
| 1944 | - | -29.7% |
| 1945 | - | -30.9% |
| 1946 | - | -22.5% |
| 1947 | - | -15.8% |
| 1948 | - | -0.39% |
| 1949 | - | 3.01% |
| 1950 | - | 0.34% |
| 1951 | - | 2.03% |
| 1952 | - | -1.26% |
| 1953 | -4.14% | -2.84% |
| 1954 | -10.3% | -1.65% |
| 1955 | -10.6% | -0.39% |
| 1956 | -10.8% | 0.55% |
| 1957 | -10.1% | -1.04% |
| 1958 | -10% | -1.73% |
| 1959 | -6.52% | -0.58% |
| 1960 | -5.18% | -2.75% |
| 1961 | -9.48% | 0.56% |
| 1962 | -7.82% | -0.49% |
| 1963 | -4.32% | -5.47% |
| 1964 | -4.1% | -1.76% |
| 1965 | -3.43% | -2.06% |
| 1966 | -4.27% | -1.59% |
| 1967 | -2.87% | -4.57% |
| 1968 | -2.36% | -2.3% |
| 1969 | -2.85% | 1.03% |
| 1970 | -0.52% | 2.61% |
| 1971 | -1.3% | 1.48% |
| 1972 | -4.33% | -1.66% |
| 1973 | -1.72% | -4.29% |
| 1974 | -2.78% | -4.06% |
| 1975 | -3.68% | -5.08% |
| 1976 | -0.87% | -5.61% |
| 1977 | -1.81% | -4.41% |
| 1978 | -0.27% | -6.63% |
| 1979 | 0.47% | -5.79% |
| 1980 | 0.46% | -5.65% |
| 1981 | 0.99% | -7.03% |
| 1982 | -0.41% | -5.66% |
| 1983 | 1.05% | -6.26% |
| 1984 | 0.78% | -6.39% |
| 1985 | 0.47% | -5.57% |
| 1986 | 0.8% | -2.56% |
| 1987 | 1.7% | -1.79% |
| 1988 | 2.85% | 0.46% |
| 1989 | 2.27% | 0.77% |
| 1990 | 2.98% | -1.54% |
| 1991 | 1.94% | -2.77% |
| 1992 | 2.42% | -5.41% |
| 1993 | 3.21% | -6.62% |
| 1994 | 2.06% | -5.74% |
| 1995 | 2.16% | -4.99% |
| 1996 | 2.3% | -3.65% |
| 1997 | 2.31% | -2.01% |
| 1998 | 1.09% | -0.21% |
| 1999 | 1.15% | 0.76% |
| 2000 | 3.91% | 1.4% |
| 2001 | 2.42% | 0.34% |
| 2002 | 3.23% | -1.96% |
| 2003 | 1.51% | -3.22% |
| 2004 | 0.09% | -3.16% |
| 2005 | 0.95% | -3.15% |
| 2006 | 1.18% | -2.76% |
| 2007 | 2.49% | -2.65% |
| 2008 | 1.58% | -5.09% |
| 2009 | 0.24% | -10.1% |
| 2010 | 1.61% | -9.22% |
| 2011 | 1.72% | -7.38% |
| 2012 | 1.63% | -7.45% |
| 2013 | 0.79% | -5.34% |
| 2014 | 0.57% | -5.53% |
| 2015 | 0.5% | -4.59% |
| 2016 | 1.56% | -3.31% |
| 2017 | 2.08% | -2.49% |
| 2018 | 2.42% | -2.27% |
| 2019 | 0.35% | -2.47% |
| 2020 | -2.11% | -13.2% |
| 2021 | -0.02% | -7.72% |
| 2022 | -1.49% | -4.56% |
| 2023 | -0.67% | -6.05% |
| 2024 | -0.63% | -5.75% |
| 2025 | -0.4% | -4.42% |
| 2026 | -0.45% | -3.74% |
Inflation comparison by year
Over the past 28 years, South Korea has recorded an average annual inflation rate of 2.68%, compared with 2.4% in the United Kingdom. In 2024, inflation was 2.32% in South Korea and 3.27% in the United Kingdom.
| Year | Inflation | |
|---|---|---|
|
South Korea
|
United Kingdom
|
|
| 1997 | 4.44% | 2.2% |
| 1998 | 7.51% | 1.82% |
| 1999 | 0.81% | 1.75% |
| 2000 | 2.26% | 1.18% |
| 2001 | 4.07% | 1.53% |
| 2002 | 2.76% | 1.52% |
| 2003 | 3.51% | 1.38% |
| 2004 | 3.59% | 1.39% |
| 2005 | 2.75% | 2.09% |
| 2006 | 2.24% | 2.46% |
| 2007 | 2.53% | 2.39% |
| 2008 | 4.67% | 3.52% |
| 2009 | 2.76% | 1.96% |
| 2010 | 2.94% | 2.49% |
| 2011 | 4.03% | 3.86% |
| 2012 | 2.19% | 2.57% |
| 2013 | 1.3% | 2.29% |
| 2014 | 1.27% | 1.45% |
| 2015 | 0.71% | 0.37% |
| 2016 | 0.97% | 1.01% |
| 2017 | 1.94% | 2.56% |
| 2018 | 1.48% | 2.29% |
| 2019 | 0.38% | 1.74% |
| 2020 | 0.54% | 0.99% |
| 2021 | 2.5% | 2.52% |
| 2022 | 5.09% | 7.92% |
| 2023 | 3.6% | 6.79% |
| 2024 | 2.32% | 3.27% |
Top exports between countries
|
South Korea
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $4.88B |
| Chemicals & pharma | $660M |
| Metals | $454M |
| Raw materials & minerals | $207M |
| Textiles & consumer goods | $138M |
| Processed food, beverages & tobacco | $117M |
| Precious metals & jewellery | $113M |
| Miscellaneous | $47M |
| Wood & paper products | $23.3M |
| Animal & marine products | $4.21M |
|
United Kingdom
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $2.7B |
| Business & finance services | $1.98B |
| IT & IP services | $885M |
| Chemicals & pharma | $608M |
| Transport & tourism services | $592M |
| Precious metals & jewellery | $369M |
| Textiles & consumer goods | $314M |
| Processed food, beverages & tobacco | $267M |
| Metals | $244M |
| Raw materials & minerals | $212M |
Balance of trade
|
South Korea
|
United Kingdom
|
|
|---|---|---|
Current account balance
|
$99B
2024 |
-$80.6B
2024 |
| Current account balance ranking |
7/190
2024 |
189/190
2024 |
| Current account balance, % of GDP |
+5.28%
2024 |
-2.19%
2024 |
| Goods imports |
$596B
2024 |
$763B
2024 |
| Goods exports |
$696B
2024 |
$494B
2024 |
| Service imports |
$163B
2024 |
$411B
2024 |
| Service exports |
$139B
2024 |
$648B
2024 |
| Imports of goods and services, % of GDP |
40.3%
2024 |
31.9%
2024 |
| Exports of goods and services, % of GDP |
44.4%
2024 |
31%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
South Korea
|
United Kingdom
|
|
|---|---|---|
| Economic freedom | 74 | 69.3 |
| Economic freedom ranking | 22/197 | 39/197 |
| Property rights | 89.4 | 95.2 |
| Government integrity | 68.8 | 83.4 |
| Judicial effectiveness | 77.3 | 84.8 |
| Tax burden | 59.6 | 61 |
| Government spending | 81.8 | 40.1 |
| Fiscal health | 93.8 | 19 |
| Business freedom | 90 | 83.4 |
| Labor freedom | 56.4 | 63.2 |
| Monetary freedom | 77.6 | 67.9 |
| Trade freedom | 73.2 | 83.4 |
| Investment freedom | 60 | 70 |
| Financial freedom | 60 | 80 |
Economic freedom by year comparison
The Economic Freedom Index for South Korea is 74, ranking 22/197, compared to 69.3 for the United Kingdom, ranking 39/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
South Korea
|
United Kingdom
|
|
| 1995 | 72 | 77.9 |
| 1996 | 73 | 76.4 |
| 1997 | 69.8 | 76.4 |
| 1998 | 73.3 | 76.5 |
| 1999 | 69.7 | 76.2 |
| 2000 | 69.7 | 77.3 |
| 2001 | 69.1 | 77.6 |
| 2002 | 69.5 | 78.5 |
| 2003 | 68.3 | 77.5 |
| 2004 | 67.8 | 77.7 |
| 2005 | 66.4 | 79.2 |
| 2006 | 67.5 | 80.4 |
| 2007 | 67.8 | 79.9 |
| 2008 | 68.6 | 79.4 |
| 2009 | 68.1 | 79 |
| 2010 | 69.9 | 76.5 |
| 2011 | 69.8 | 74.5 |
| 2012 | 69.9 | 74.1 |
| 2013 | 70.3 | 74.8 |
| 2014 | 71.2 | 74.9 |
| 2015 | 71.5 | 75.8 |
| 2016 | 71.7 | 76.4 |
| 2017 | 74.3 | 76.4 |
| 2018 | 73.8 | 78 |
| 2019 | 72.3 | 78.9 |
| 2020 | 74 | 79.3 |
| 2021 | 74 | 78.4 |
| 2022 | 74.6 | 72.7 |
| 2023 | 73.7 | 69.9 |
| 2024 | 73.1 | 68.6 |
| 2025 | 74 | 69.3 |
More economic indicators
|
South Korea
|
United Kingdom
|
|
|---|---|---|
| Services, % of GDP |
57.5%
2024 |
72.4%
2024 |
| Industry, % of GDP |
33.9%
2024 |
17.1%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
1.46%
2024 |
0.64%
2024 |
|
GNI, Atlas method
|
$1.9T
2024 |
$3.42T
2024 |
| GNI per capita, PPP |
$59,750
2024 |
$60,090
2024 |
| Total reserves including gold |
$418B
2024 |
$175B
2024 |
| Total reserves ranking |
8/177
2024 |
19/177
2024 |
|
Net foreign direct investment
|
$33.4B
2024 |
$42.8B
2024 |
|
Net inflows of foreign direct investment
|
$15.2B
2024 |
-$60.6B
2024 |
|
Net outflows of foreign direct investment
|
$48.6B
2024 |
-$17.8B
2024 |
| Poverty at national poverty lines |
14.4%
2020 |
18.6%
2017 |
|
Gross capital formation, % of GDP
|
30%
2024 |
19.1%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.